According to Rajiv Sampat at Parag Parikh Financial Advisory Services, the absence of any new software issue prompted the funds to be re-allocated into badla financing. Combined with this, the margianally lower level of net carry forward positions put a downward pressure on the badla rates. Although the badla rtaes opened higher at 25-26 per cent level, the rates came down to around 16 per cent level at the end of the session.

According to an analysis of badla trading for the top 50 scrips, done by Kaji & Maulik Securities, average badla rates were between 21.5 per cent and 22 per cent against last week's 24.7 per cent and 25 per cent. The net demand for funds was margianally lower at Rs 3577 crore agaisnt last week's Rs 3588 crore. During the week, the BSE Sensex lost almost 100 points - from 5722 to its Friday close of 5622.

The hawala rates of most of the pivotals were lower whereas that of a handful of scrips - SSI, Satyam, Global Tele, Hindustan Lever, Sun Pharma and Himachal Futuristics - were significantly higher. Wipro and Infosys were among the major losers. Whereas the former lost Rs 2015 to Rs 6895, Infosys lost Rs 1105 to Rs 8735. ITC, Digital, L&T, NIIT and Pentamedia were also among the losers. Among the gainers, SSI made the most in terms of absolute numbers, followed by HLL, Global Tele, Satyam, Sun Pharma and HFCL. SSI gained a whopping Rs 1710 to its hawala close of Rs 6415, whereas, HLL, boosted by its stock-spilt news, gained Rs 610 to Rs 3100.